Business
Bridgewater Bancshares, Inc. Announces Third Quarter 2020 Net Income of $7.2 Million, $0.25 Diluted Earnings Per Share
ST. LOUIS PARK, Minn.--(BUSINESS WIRE)-- Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the Company), the parent company of Bridgewater Bank (the Bank), today
About this update from Bridgewater Bancshares, Inc.
[{"type":"text","content":" ST. LOUIS PARK, Minn.--(BUSINESS WIRE)--\nBridgewater Bancshares, Inc. (Nasdaq: BWB) (the Company), the parent company of Bridgewater Bank (the Bank), today announced net income of $7.2 million, or $0.25 per diluted common share, for the third quarter of 2020, compared to net income of $7.6 million, or $0.26 per diluted common share, for the second quarter of 2020, and net income of $7.8 million, or $0.27 per diluted common share, for the third quarter of 2019.\n\n“The third quarter marked the unveiling of our long awaited new corporate headquarters, and we could not be more excited to complete our relocation to this unconventional space in the heart of our market area,” commented Chairman, Chief Executive Officer, and President, Jerry Baack. “Not only does our new headquarters create an opportunity for us to safely return to the office, the campus-like atmosphere complements our unique culture. Our third quarter results remained strong, demonstrating our ability to adjust quickly to this historically low interest rate environment and other operating challenges introduced by the pandemic. We remain diligent in the monitoring of our loan portfolio and given the uncertainty of the credit outlook and the current economic environment, we continued to build reserves in the third quarter. The duration of this challenging operating environment is unknown, but we believe our incredibly deep and talented team is ready and capable of handling any challenges that come our way.”\n\n\n\nThird Quarter 2020 Financial Results\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nDiluted\n\n\n\n \n\n\n\nNonperforming\n\n\n\n \n\n\n\nAdjusted\n\n\n\n \n\n\n\nTangible common equity\n\n\n\n\n\nROA\n\n\n\n \n\n\n\nROE\n\n\n\n \n\n\n\nearnings per share\n\n\n\n \n\n\n\nassets to total assets\n\n\n\n \n\n\n\nefficiency ratio (1)\n\n\n\n \n\n\n\nto tangible assets (1)\n\n\n\n\n\n1.05%\n\n\n\n \n\n\n\n10.84%\n\n\n\n \n\n\n\n$\n\n\n\n0.25\n\n\n\n \n\n\n\n0.02%\n\n\n\n \n\n\n\n41.7%\n\n\n\n \n\n\n\n9.46%\n\n\n\n\n\n__________________________________\n\n\n\n(1)\n\n\n \n\nRepresents a non-GAAP financial measure. See \"Non-GAAP Financial Measures\" for further details.\n\n\n\n\nLinked-Quarter Highlights\n\n\nAnnualized pre-provision net revenue return on average assets, a non-GAAP financial measure, was 1.94% for the third quarter of 2020, compared to 2.00% for th...